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Arafura Rare Earths Completes First Tranche of AU$350 Million Share Placement

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Arafura Rare Earths (ASX:ARU) completed the first tranche of its AU$350 million share placement on Friday, according to a same-day filing with the Australian bourse.

In the first tranche, the company issued 675.1 million new ordinary shares to institutional and sophisticated investors to generate around AU$175.5 million before costs.

The second tranche, involving the issue of an additional 671 million shares to raise roughly AU$174.5 million, is subject to shareholder approval.

Shares of Arafura Rare Earths gained 2% in recent Friday trade.

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